PARTY_2_NAME

PARTY_2_ADDRESS_SINGLE_LINE

To:  PARTY_1_NAME 

PARTY_1_ADDRESS_SINGLE_LINE

Dated: 04 May 2024

Dear Sirs / Madams,

Letter of Undertaking - Release of Money

I refer to the TRANSACTION (the Transaction) between PARTY_1_NAME (the "Vendor") and myself proposed to be completed (Completion) on or about today's date. 

Completion Monies

I confirm that I hold in my bank account at BANK the sum of CURRENCYAMOUNT· (the Completion Monies), being the funds to be paid to the Vendor upon Completion of the Transaction, to the order of the pending Completion in accordance with the terms of this letter.

Release of Completion Monies to the Vendor at Completion

I confirm that, upon the completion of the Transaction, I will cease to hold the Completion Monies to my order and shall thereafter hold the Completion Monies to the order of the Vendor and proceed to settle the Completion Monies (and interest earned thereon) in accordance with the following paragraphs of this letter.            

Interest

For the purposes of this paragraph, a day shall mean the period from 00:00:01 am (JURISDICTION_STATE time) to (and including) 00:00:00 midnight (JURISDICTION_STATE time). Interest earned in respect of any day shall be deemed to accrue as at the end of each day, such interest being credited by BANK on the morning of the following day.

The entitlement of mine and the Vendor to accrued interest shall be as follows:

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